Revolutionizing Accounting and Finance Practices with Large Language Models: A Comprehensive Review of Applications and Implications

DOI: https://doi.org/10.62517/jse.202511513

Author(s)

Zhihong Luo, Jing Cui*, Meijiazi Yang

Affiliation(s)

School of Management, Beijing Union University, Beijing, China *Corresponding Author

Abstract

The advent of Large Language Models (LLMs), such as GPT-4 and BERT, is transforming accounting and finance by enabling intelligent automation, advanced data analysis, and real-time decision support. This paper provides a comprehensive review of recent applications and implications of LLMs in the accounting and finance domains. Specifically, it examines how LLMs enhance financial reporting through automated data processing and narrative generation; improve financial decision-making and forecasting via intelligent analysis and predictive modeling; and increase audit efficiency by enabling compliance checks, anomaly detection, and risk identification. This study contributes to the understanding of how LLMs are reshaping accounting workflows and professional roles, offering a foundation for future research and practical implementation. It also calls for the development of responsible AI governance frameworks to ensure the trustworthy, transparent, and sustainable integration of LLMs in accounting and finance practices.

Keywords

Large Language Models; LLMS; Accounting; Finance; Audit

References

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